Assume that the country has following data: Individual 2: Income Php 400,000; Individual 4: Income Php 600,000; Individual 6: Php 1,000,000. What is the area under Lorenz Curve does each individual have?

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter15: Poverty And Economic Inequality
Section: Chapter Questions
Problem 24RQ: If a country had perfect income equality what would the Lorenz curve look like?
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Assume that the country has following data: Individual 2: Income Php
400,000; Individual 4: Income Php 600,000; Individual 6: Php 1,000,000.
What is the area under Lorenz Curve does each individual have?
Transcribed Image Text:Assume that the country has following data: Individual 2: Income Php 400,000; Individual 4: Income Php 600,000; Individual 6: Php 1,000,000. What is the area under Lorenz Curve does each individual have?
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